Statement re Appointment of New Administrator and Appointment of New Global Custodian
February 13 2012 - 12:34PM
UK Regulatory
TIDMPRDF
13 February 2011
Prosperity Russia Domestic Fund Limited (the "Company")
In connection with the migration and re-domicile of the Company from Guernsey to
the Cayman Islands, proposed to occur on or about 17 February 2012, the Company
wishes to announce the following.
Appointment of New Administrator - Maples Fund Services (Cayman) Limited
The Company has appointed Maples Fund Services (Cayman) Limited (the "New
Administrator") as the administrator to the Company effective from migration of
the Company to the Cayman Islands, proposed to occur on or about 17 February
2012. From that date, Kleinwort Benson (Channel Islands) Fund Services will
cease to act as administrator to the Company and State Street Fund Services
(Ireland) Limited will cease to act as sub-administrator to the Company. From
16 January 2012, the New Administrator began to carry out certain administration
functions in parallel with the current service providers.
The Company has entered an administration agreement with the New Administrator
dated 7 February 2012, on substantially the same or slightly better terms than
the agreement with State Street Fund Services (Ireland) Limited. The New
Administrator will perform the following and related services, in accordance
with the terms of the Memorandum and Articles of Association of the Company and
the laws of the Cayman Islands: (i) the calculation and distribution of the net
asset value and net asset value per share, (ii) processing subscriptions,
redemptions and transfers of shares, (iii) open and maintain a bank account or
bank accounts in the name of or on behalf of the Company for transfer agency
purposes, (iv) arranging for the safe custody of the records held by the New
Administrator in connection with the performance of its services, (v) preparing
consolidated financial statements for the Company and (vi) performing anti-money
laundering procedures in respect of shareholders and prospective shareholders in
accordance with applicable anti-money laundering laws and regulations.
The New Administrator carries on its business principally from its office at
Boundary Hall, Cricket Square, Grand Cayman, KY1-1102, Cayman Islands. Maples
Fund Services is an independent global fund services provider. It has offices in
leading financial centres, including the Cayman Islands, Dubai, Dublin, Hong
Kong, Luxembourg, Montreal, and New York. The firm provides a full range of fund
administration services to onshore and offshore funds. The firm's clients come
from a wide range of investment management firms and global financial
institutions. Maples Fund Services is led by a team of experienced professionals
and is committed to providing a high level of service, tailored to specific
client requirements. For more information, visit www.maplesfundservices.com.
Appointment of New Global Custodian - ING Bank N.V., Prague Branch
The Company proposes to appoint ING Bank N.V., a company incorporated in the
Netherlands, acting through its Prague branch (the "New Global Custodian"), as
global custodian to the Company effective from migration of the Company to the
Cayman Islands, proposed to occur on or about 17 February 2012. From that date,
State Street Custodial Services (Ireland) Limited will cease to act as global
custodian to the Company.
The Company proposes to enter a global custody agreement with the New Global
Custodian which will be on substantially the same or slightly better terms than
the agreement with State Street Custodial Services (Ireland) Limited. The New
Global Custodian will act as custodian of the assets of the Company comprising:
(i) cash held in US Dollars or other currencies and (ii) non-Russian securities,
and will provide the Company with execution and settlement services.
ING Bank N.V. is registered in the Netherlands in the Trade Register of the
Chamber of Commerce and Industry for Amsterdam under file number 33031431, and
acts in the Czech Republic through its Prague branch, ING Bank N.V., with
Business Identification Number 49 27 98 66 and which is registered in the
Commercial Register maintained by the City Court of Prague in Section A, under
file number 7930. ING Bank N.V. is regulated by De Nederlandsche Bank, the
central bank of the Netherlands and, in acting through its Prague Branch, also
by the Czech National Bank, the central bank of the Czech Republic. The New
Global Custodian held approximately US$298bn of assets in custody as at 31
December 2011.
Shareholders should note, as previously announced, the anticipated cancellation
of the admission of the Company's ordinary shares to trading on AIM at 7.00 a.m.
on Friday 17 February 2012. The last day of trading for the Company's ordinary
shares on AIM will therefore be Thursday 16 February 2012.
Shareholder Queries
Shareholders may direct any queries to:
Elly Wordsworth
Prosperity Capital Management Limited
Tel: +1 345 745 8500
Email:ew@prosperitycapital.com
Annie Wiberg / Leon Santos
Prosperity Capital Management (UK) Limited
Tel: +44 20 7299 6950
Email:aw@prosperitycapital.com; ls@prosperitycapital.com
Kleinwort Benson (Channel Islands) Fund Services Limited
Matt Tostevin / Rosemary Osborne-Burns
Tel: +44 1481 710607
KPMG Corporate Finance (Nominated Adviser)
Tom Franks / Helen Roxburgh
Tel: +44 20 7311 1000
KPMG Corporate Finance, a division of KPMG LLP which is authorised and regulated
by the Financial Services Authority for investment business activities, is
acting for PRDF as nominated adviser in relation to the matters set out in this
announcement and is not acting for any other person in relation to these
matters. KPMG Corporate Finance will not be responsible to anyone other than
PRDF for providing the protections afforded to its clients or for providing
advice in relation to the contents of this announcement.
The Company is an authorised closed-ended collective investment scheme domiciled
in Guernsey. Neither the Guernsey Financial Services Commission nor the States
of Guernsey Policy Council take any responsibility for the financial soundness
of the Company or for the correctness of any of the statements made or opinions
expressed with regard to it.
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Prosperity Russia Domestic Fund Limited via Thomson Reuters ONE
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